The fear that has plagued many HR departments might be coming to an end. The Great Resignation could be greatly diminished as companies look to promote internally. Due to continued resignations and high turnover rates, businesses have focused on the internal talent pool and skill development.
Reports are out and showing that HR executives are seeing more benefits from building employee talent from within as external talent acquisition comes up dry. With talent acquisition markets more competitive than ever, companies are out of options. Internal mobility might be one of the answers.
In the Global Trends Report released by HireVue, out of the 2000 hiring managers and job seekers that were surveyed, 48% of employers placed greater emphasis on internal mobility and 54% of employees said they would be willing to take an internal transfer.
While internal mobility may be one answer to the Great Resignation, it is clear that employers will need to work on employee satisfaction within the company to maintain retention.
The number one priority for job seekers according to the report is work/life balance. Through transparent policies and investing in employee skills, HR executives have seen more satisfying employee experience and higher levels of productivity.
How to retain employees
According to the top three trends of the Global Trends Report, focusing on building employee skillsets and hiring for skills and not experience will greatly improve talent acquisition.
Companies that have allowed for more internal mobility have also begun to focus on how to keep turnover rates lower and employee satisfaction higher. Businesses are now focusing on how to build skills for their employees, which will help both companies improve their bottom line and employees reach their career goals.
In an exclusive comment for UNLEASH, Employment expert, Dr Lindsey Zuloaga, Chief Data Scientist at HireVue said: “Employees feel more comfortable staying with organisations longer as employers are providing greater stability and clear career progression. 45% of businesses have added employee recognition programmes and 41% have set budgets aside for learning and development allowances.”
Many employers, while looking internally to fill necessary positions, still fear this is not enough. According to Hirevue, one in three employers say their biggest barrier to internal mobility is their lack of technology for internal candidates.
Without the necessary tools to build skill sets, retention rate will remain low. This, however, can be solved by leveraging assessments throughout the company to find employee skills that match positions internally. Companies that leverage the right technology are better placed to take huge steps forward during this time and retain employees by working to build their skills.
According to the top trends in the report, focusing on developing skillsets for employees, advancing technology use for smaller tasks, and working on retention will be critical for success during this tumultuous time.
By improving in those areas, companies will find themselves with productive employees with specialized skills that can increase organizational efficiency and productivity.
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